[DR1] ADAFP says 450,000 not covered

[NewsWhore]

The Dominican Association of Pension Fund Administrators (ADAFP) has two big challenges facing it: one is the diversification of the resources that it is handling and the other is the need to bridge the gap between those who are signed up and those who are paying into the different funds. According to the association that figure is near 450,000 workers. Luis Molina Achecar, the ADAFP president, said yesterday that the association is working on both issues. He said that of all the workers who have signed up for the pension programs, only about 47% are actually paying into the plans. A document given out to the reporters at the meeting shows a descending tendency for workers to pay into the plan, and it was back in 2004 that the plan received quotas for the most workers, a total of 66.78% of all those who were supposed to pay. While the association leaders were cautious about saying that there were workers in the system who were working but not paying their quotas, they did say that there is a combination of evasion and avoidance, since once a worker is subscribed to the plan, only death, retirement or loss of a job will stop the payments due to the plans.

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